Comparison Of Enterprise Value Of Chinese And American Growth Enterprise Based On Innovation Capability

Since the growth enterprise market set up in 2009,our securities market formed the multi-level market structure and market system with the main board market,small and medium-sized board market.But the question is heard that the GEM is unworthy of the name.As summary,skepticism about gem companies cause the worry of the GEM.Therefore,we study the innovation ability,enterprise value and the relationship of public pharmaceutical company in the GEM,and we also explore differences of the innovation ability of the public pharmaceutical companies between China and the United States.We will use the model to analyse whether enterprise innovation ability affects its value,and if it does affect,is a positive influence or negative influence? At last,we will put forward the corresponding policy recommendations according to the results of the final.This paper teased theory related the enterprise innovation ability,the enterprise value,the gem system of the domestic and foreign.In view of the gem public companies,we construct an empirical model,and research public company's innovation ability and enterprise value,and make correlation analysis between innovation ability and enterprise value.In the article,we chose factor analysis model,the price-to-book ratio method and panel data model,and other empirical methods were used.Article is divided into three parts.The first part is to review the related theory and method about enterprise value evaluation and assessment of enterprise innovation ability.The second part is to make empirical study of public company's innovation ability and enterprise value,and analyze the correlation between innovation ability and enterprise value.Through the empirical research on the innovation capability of pharmaceutical public companies,enterprise value and the empirical research of the relationship of China and the United States' gem,we found that the public companies in the GEM still have big problems.First of all,the innovation ability of the gem listed companies in China.The author thinks that a lack of innovation is mainly due to the domestic gem listing more stringent conditions,profits and net assets of the listed companies have higher requirements,but the characteristics of high-tech enterprises is the early stage of the r&d input is large,and the time of profits cannot be expected,but once the technology is developed and applied to the practice,will produce a great revenue.Second,the output efficiency of domestic r&d and patent into the core technology of efficiency is not high,the gem of China pharmaceutical industry listed companies of a significant portion of patent application is the patent of appearance design,rather than the core technology patents,at the same time,patent research will take company's internal resources.Therefore,patent factor's influence on the enterprise value is negative.Finally,the gem of China pharmaceutical industry utilization rate of debt financing of listed companies is not enough,the gem of China pharmaceutical industry listed companies' debt financing and a big rise in space,the gem listed companies should make full use of good gem this feature.First of all,the innovation ability of the gem listed companies in China.The author thinks that a lack of innovation is mainly due to the domestic gem listing more stringent conditions,profits and net assets of the listed companies have higher requirements,but the characteristics of hightech enterprises is the early stage of the r&d input is large,and the time of profits cannot be expected,but once the technology is developed and applied to the practice,will produce a great revenue.Second,the output efficiency of domestic r&d and patent into the core technology of efficiency is not high,the gem of China pharmaceutical industry listed companies of a significant portion of patent application is the patent of appearance design,rather than the core technology patents,at the same time,patent research will take company's internal resources.Therefore,patent factor's influence on the enterprise value is negative.Finally,the gem of China pharmaceutical industry utilization rate of debt financing of listed companies is not enough,the gem of China pharmaceutical industry listed companies' debt financing and a big rise in space,the gem listed companies should make full use of good gem this feature.